US Output: New Records, But Gains Slow

• US crude output hit 9.433mn b/d in July, up from June’s 9.316mn b/d and within 200,000 b/d of April 2015’s 42-year high of 9.626mn b/d. Latest EIA forecasts have output breaking the latter record in October, a month earlier than previously. The EIA has output plateauing at around 9.9mn b/d in 1H 2018 – reflecting the delayed impact of the recent drilling slowdown (see p7) – before breaking 10mn b/d for the first time in November 2018, in line with...